A study on Online Market Research Panel

An online research panel is formed by a group of the target audience to run a survey by sampling to find out their attitude and real-life experience of using a product. Usually, before a product launch, medium to top brands look forward to the data collection sincerely after running the survey. The companies aim in improving product innovation with market research panels that they determine by researching geography, demography, voters, age group, etc. before or after launching a product. The unbiased data collection through the panel research helps the companies to determine the end-results by understanding the market acceptance.

The online market research panel is primarily of two types- 

Online B2B Panel

The B2B panelists are people associated with the real business such as business owners, business decision-maker, business professionals, etc. with a specialization in surveys related to different types of businesses. Now, the panelists are chosen considering their area of specialization and the surveys they have to take part in considering the industry type, business size, segmentation, product types, and so on.

Online B2C Panel

When a business decides to know the result coming from the consumers or the end-users of their service or products, they opt for the online B2C panel research. The B2C panelists are the existing and potential consumers. By providing samples of the products or running online surveys, they determine the acceptance of the products or services they’re selling among their consumers. Brands and companies predict the future of the products or services from this research panel survey.

Here, the top benefits of online market research panels are discussed—

 Mimicking specific demographics

The small group of the market panels can offer businesses the accurate feedback that they could receive nationwide. Considering the demographics, researchers target the audiences and they pick a small group out of them to form the panel.

By receiving the exact feedback from those panels, businesses can determine the acceptance of their new service or product. The future of the products or services is often predicted by the surveys done on these panels.

Cost-saving 

Successful market research companies maintain their online panels considering different demographics and product categories. That’s why hiring online panels is always cost-saving for the market research companies as they get in touch with the pre-formed panels instead of working hard to create one and pay more for the newly recruited surveying services.

Time-saving 

The online research panels support the market research projects by reducing the anticipated time. As the research panels offer quicker connection with the interested research participants, building the panel by considering the convenience samples is easier. Instead of using the alternative sampling recruitment methods, using the audience samples by research teams is not only time-saving but also cost-saving.

Quality response rate 

As the participants willing to choose to participate in the research, the response rate is much higher. The response-quality is also retained as the profiles of the panel participants are pre-made and they are chosen before starting the surveys.

Determining sensitive issues

By running the market research by the online market panels, brands and the companies come to know about a few sensitive issues that some participants share during the surveys, unlike many other candidates. They point out issues like the- consumption of cigarettes, alcohol, drugs, etc. Some panelists also raise the issue of the x-rated product features and so on.

How does the online market research panel recruit? Some basic pointers are discussed

Set a Goal

A goal is set to determine the objective of the survey for the market research. The online market research panel is set with a specific goal necessary to identify the feedback of the audience. As the researchers use these panels to figure out whether the audience prefers the product/service or not thus with a specific goal set, the results of the survey can be fast and fruitful.

Recruitment Channel is formed

In various ways, the recruitment channel is formed. Via cold calling, social media, and POS communication systems, the panels are recruited. Gradually, they’re categorized based on the demographics and the products.  

Sending a profile survey after recruitment 

By taking this step, the research team can know more specific details about the panel profiles. As they aim in doing better market research, profile surveying followed by the recruitment procedure is way more effective to gather more information about the audience.

Short & Straightforward message 

While creating market research panels, recruiters have to divide the procedure into a few steps. Instead of asking the interested candidates a lot of questions from the first go might make them feel irritated. This often leads many of them to leave the survey in the middle. Therefore, to gather more information, recruiters can create a short but straightforward form where they can ask about their name, age, religion, gender, etc. of the panel candidates. The online market research panels are long-lasting and well-maintained as the recruiters know how to smartly handle the panels for a better market research outcome.

A fine welcome note

Receiving a welcome note from the recruiters boosts the “feel-good” factor of the newly recruited panelists. Therefore, it’s suggested to all market research recruiters to send a fine welcome note to the new candidates. Also, to make them stay longer, the recruiters can send them a coupon along with the email. With this step, they can easily start their market research!

Few facts about the online market research panel

The research team depends so much on the online market research panels due to their straightforward response towards the newly launched product or service.

As it comes straight from the horse’s mouth, the brands or companies seeking the end-results of the consumers get the exact response.

It is possible to increase the volume of the panels by recruiting more. Even though, market research experts say, the response from 100 people is similar to the nationwide response.

Receive a fast and exact market pulse with the help of an online market research panel. For that, getting in touch with a top-ranked market research company is mandatory for the best ROI.

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